Binance Crypto Founder Changpeng Zhao Sentenced To 4 Months In Prison
Changpeng Zhao, the founder of cryptocurrency giant Binance, has been sentenced to four months in prison.
Zhao stepped down as Binance’s chief last November, when he and the exchange admitted to the violations, and the firm agreed to a penalty of $4.32bn.
The former crypto boss was sentenced by a court in Seattle.
Judge Richard Jones said Zhao put “Binance’s growth and profits over compliance with US laws and regulations”.
Federal sentencing guidelines had earlier set a maximum sentence of 18 months in prison for Zhao, who had agreed not to appeal against any stretch up to that length.
He has been free in the United States on a $175m bond.
US authorities have said the crypto giant failed to report more than 100,000 suspicious transactions with designated terrorist groups.
Zhao agreed to pay $50m and cease involvement with the firm, which he founded in 2017.
The company’s penalty included a $1.81bn criminal fine and restitution of $2.51bn.
